FDIC Deposit Insurance Coverage
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDICinsured funds.
FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met. (For details on the requirements, go to www.fdic.gov/deposit/ deposits.)
The following chart shows standard insurance amounts for FDIC account ownership categories. All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
The more you know about FDIC deposit insurance coverage, the safer your money.
FDIC Deposit Insurance Coverage Limits by account ownership category
Single Accounts owned by one person
$250,000 per owner
Joint Accounts owned by two or more persons
$250,000 per owner
Certain Retirement Accounts includes IRAs
$250,000 per owner
Revocable Trust Account
$250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements)
Corporation, Partnership and Unincorporated Association Account
$250,000 per corporation, partnership or unincorporated association
Irrevocable Trust Account
$250,000 for the non-contingent, ascertainable interest of each beneficiary
Employee Benefit Plan Account
$250,000 for the non-contingent, ascertainable interest of each plan participant
$250,000 per official custodian
To calculate your deposit insurance coverage
Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie.
For questions about FDIC coverage limits and requirements
Visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.
Depositors should understand their coverage limits and confirm that a financial institution is FDIC-insured.
The FDIC sign, displayed at every FDIC-insured institution, is a symbol of confidence for depositors.
There is no need for depositors to apply for FDIC insurance or even to request it; coverage is automatic, up to the insurance limits described above, whenever a deposit account is opened at an FDIC-insured bank or savings association.
To learn more about the FDIC’s insurance coverage rules and requirements, refer to the resources listed below.
For More Information from the FDIC
Calculate insurance coverage—Use the FDIC’s online Electronic Deposit Insurance Estimator at: www.fdic.gov/edie
Read more about FDIC insurance online—Visit: www.fdic.gov/deposit/deposits
Call toll-free—1-877- ASK-FDIC (1-877-275-3342)
Hearing impaired line—1-800-925-4618
Send questions by e-mail—Use the FDIC’s online Customer Assistance Form at: www2.fdic.gov/ starsmail
Federal Deposit Insurance Corporation
Attn: Deposit Insurance Outreach Group
550 17th Street, NW
Washington, DC 20429
September 2023 Session - Building Wealth